In July 2023, the ATO implemented changes concerning the disclosure of tax debts, especially those exceeding $100,000, to credit reporting agencies.
By the end of the 2023-24 fiscal year, the ATO anticipates issuing over 50,000 debt disclosure notices to businesses.
These changes are already impacting businesses and adding additional uncertainty in the market. Results Legal has a specialist division that works with businesses that supply goods and services.
In this video, Anna Taylor, a Principal at Results Legal specialising in commercial litigation, specifically trade credit litigation, sheds light on the recent increase in ATO tax default registrations and its flow on effect on insolvencies and market uncertainty.
Anna offers invaluable insights and practical strategies for credit managers and finance professionals to help them fortify their positions, safeguard their interests, and navigate potential challenges effectively.
Key topics covered in this video:
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- Recent rise in ATO tax default registrations
- Significance of a proactive security strategy
- Risk mitigation for ATO tax defaults
- Preparation for defences
Results Legal is dedicated to helping you reduce the risks linked to ATO tax defaults and adopt strong trade credit strategies.
We are talking with our clients about different strategies that they can put in place at this point in time to minimise their risk.
If your business is affected or you need guidance on which security strategy is right for your business, contact our team for on 1300 757 534.
